When a house is listed as "cash only" or "cash buyers only," it means the seller will only accept offers from buyers who can pay the full purchase price upfront without relying on mortgage financing or any other type of loan. The buyer must have the total funds immediately available to complete the purchase, often demonstrated by proof of funds such as a recent bank statement

. Key points about "cash only" in house buying:

• No mortgage or financing accepted: Buyers cannot use a mortgage or wait for funds from selling another property, inheritance, or bonuses. The money must be ready and accessible at the time of offer and closing

• Reasons for cash-only sales:
  • The property may be in poor condition or have issues that make it unmortgageable by banks (e.g., structural problems or disrepair)

* Sellers may want a faster, more secure sale without the delays and risks associated with mortgage approvals and chains

* Sellers might accept a lower price for the certainty and speed of a cash transaction

• Benefits for buyers:
  • Faster transaction process since there is no mortgage approval waiting period

* Potential savings by avoiding mortgage interest and fees

* More negotiation power due to the attractiveness of cash offers to sellers

• Implications:
  • The buyer pool is smaller since many buyers rely on financing

* Cash sales often happen with properties that need renovation or are distressed

In summary, "cash only" means the seller requires full payment in cash (or equivalent liquid funds) at closing, excluding any form of mortgage or financing, typically to ensure a quick, certain sale or because the property cannot be financed through traditional lending